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First of all let me say $1 million network isn't a lot of money these days, possibly enough to on retire comfortably for couple of years. That said I keep on hearing how USA is the land of opportunity. Where hard work and having smarts will allow anyone to become rich!
However, when you look the information says only 3% of Americans have network over $1 million. This stat means vast majority of people in US will never get to $1 million network! Furthermore, considering how many families have been here for generations you would think there could more generation wealth than this.
What could be lacking here, hard work and smarts? I seriously doubt you could say 97% of Americans aren't hard working or dumb. Most likely it could be lack of opportunity that allows a person to build up wealth.
Considering the situation in the US, you would think there needs to be some drastic changes to increase the opportunity to allow to more people to be come wealthy.
If the other 97% were rich also then no one would be rich.
Rich cannot be defined. It is opinion. No millionaire is going to think I'm rich. A guy getting off a boat from Ethopia or Cuba probably think I'm rich beyond my dreams.
If a majorityof folks were a millionaire then being a millionaire would be average, not rich.
First of all let me say $1 million network isn't a lot of money these days, possibly enough to on retire comfortably for couple of years. That said I keep on hearing how USA is the land of opportunity. Where hard work and having smarts will allow anyone to become rich!
However, when you look the information says only 3% of Americans have network over $1 million. This stat means vast majority of people in US will never get to $1 million network! Furthermore, considering how many families have been here for generations you would think there could more generation wealth than this.
What could be lacking here, hard work and smarts? I seriously doubt you could say 97% of Americans aren't hard working or dumb. Most likely it could be lack of opportunity that allows a person to build up wealth.
Considering the situation in the US, you would think there needs to be some drastic changes to increase the opportunity to allow to more people to be come wealthy.
The U.S. has become one of the countries with the worst opportunities for people to move beyond the economic class they were born into. Those born into rich families tend to stay rich even if they don't do well in school, or professionally. And a poor child in the U.S. has less chance of becoming rich than a poor child in Sweden, Canada, and pretty well every other developed nation.
Okay, argue with these people or post a better assessment.
"only 20% of millionaires inherited their riches. The other 80% are what you'd call nouveau riche: first-generation millionaires who earned their cash on their own. Many millionaires simply worked, saved, and lived within their means to generate their wealth -- think accountants and managers: regular people going to work every day. Most millionaires didn't get their riches overnight when a rich relative died -- they worked for the money." 7 Millionaire Myths - Yahoo! Finance
"Roughly 80 percent of millionaires in America are the first generation of their family to be rich. They didn’t inherit their wealth; they earned it. How? According to a recent survey of the top 1 percent of American earners, slightly less than 14 percent were involved in banking or finance.
Roughly a third were entrepreneurs or managers of nonfinancial businesses. Nearly 16 percent were doctors or other medical professionals.
Lawyers made up slightly more than 8 percent, and engineers, scientists and computer professionals another 6.6 percent.
Sports and entertainment figures — the folks flying in on their private jets to express solidarity with Occupy Wall Street — composed almost 2 percent.
By and large, the wealthy have worked hard for their money. NYU sociologist Dalton Conley says that “higher-income folks work more hours than lower-wage earners do.” The Real "1 Percent" | Cato Institute
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